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Forex Flash: Technically, USD/JPY looks bullish ahead – Nomura

Nomura Strategist Saeed Amen has taken a look at USD/JPY from a purely technical perspective.

Looking at a daily chart, Amen starts by noting that spot is up on the week and he is flipping to a bullish view. He sees that RSI has pushed back into overbought territory, suggesting an upward short term momentum. Further, he comments that longer term medium term moving averages are sloping higher. Amen sees that spot has also kept testing the upper Bollinger Band and bandwidth has also ticked higher, suggesting that spot is in breakout mode. He sets his target at 93.

Forex Flash: EUR/USD off highs on lower LTRO repayment – TD Securities

Due to market concerns on less than expected 3-year LTRO repayments, the EUR/USD eased from its highs, at 1.3675. “€3.5bn of banks’ 3-year LTRO borrowings will be repaid next week—in line with our expectations of small weekly payments but much lower than the Reuters poll expectations of €20bn”, wrote TD Securities analyst Tim Davis. Investors got surprised by both Italian and Spanish manufacturing PMIs, around half a point above consensus “while the German manufacturing PMI was revised up by a point to 49.8—within touching distance of 50 and following a better than expected preliminary German estimate”, said Davis, pointing also to a French print in line after the disappointing preliminary reading.
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Forex Flash: Korean Won continues to underperform – BBH

Brown Brothers Harriman analysts note that the Korean Won has continued to underperform despite today´s trade data surprising to the upside.
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